"I knew that our cultures and mindsets were in sync when we sat across the table and talked with them... Increasing our clients loan volume has always been our top priority and PFM adoption and usage is where it all begins. The MoneyReef team had a solid understanding of this and were developing mobile applications where the user experience was designed specifically to move the needle on user adoption and engagement." Ryan Caldwell, CEO - MoneyDesktop

As consumers increasingly seek ways to manage their money on the go, MoneyDesktop, named Best of Show at FinovateSpring 2012, has announced its acquisition of MoneyReef, a mobile personal financial management provider, recently named a winner of the prestigious Communication Arts' Interactive Annual Award. The acquisition accelerates MoneyDesktop's current mobile initiatives and bolster's its ability to provide consumers with an unmatched mobile PFM experience. Terms of the transaction were not disclosed.

The Consumer and Mobile Financial Services survey released earlier this year by the Federal Reserve indicated that 20 percent of bank customers used mobile banking at least once in the last year – indicating a sharp uptick in adoption. Both companies have moved quickly to meet the growing consumer demand for mobile money management and the acquisition amplifies MoneyDesktop's ability to provide financial institutions with the best PFM solutions available in online banking and mobile channels.

Ryan Caldwell, CEO of MoneyDesktop, said, "I knew that our cultures and mindsets were in sync when we sat across the table and talked with them." Caldwell continues, "Increasing our clients loan volume has always been our top priority and PFM adoption and usage is where it all begins. The MoneyReef team had a solid understanding of this and were developing mobile applications where the user experience was designed specifically to move the needle on user adoption and engagement."

MoneyDesktop will integrate MoneyReef's talent into an already dynamic team and incorporate MoneyReef's award winning design into MoneyDesktop's industry leading PFM platform. The acquisition will accelerate MoneyDesktop's goal of providing an unmatched mobile personal financial management experience to the account holders of its growing client list of more than 300 financial institutions.

MoneyDesktop's rapid growth was a point of attraction for MoneyReef executives. In less than 2 years, the company has partnered with 25 online banking, core and payment network providers (e.g. First Data) and signed more than 310 financial institutions in the United States.

"What MoneyDesktop has accomplished in such a short time is astonishing," said Jason Cragun, President of MoneyReef. "Its path to market, partnerships with established online banking providers and vision beyond PFM made joining forces an obvious decision."

MoneyDesktop is currently making final adjustments to its iPad application, which it briefly demoed during the FinovateSpring 2012 conference. The iPad release is expected to be available in the app store in Q3 of this year.